What happens when a personal loan goes into default

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What happens when a personal loan goes into default

All of our lenders are required to adhere to the Fair Debt Collection Practices Act which protects you from harassment. You can contact your lender for more information about its specific policies. Impact on Credit Score. Lenders are within their rights to file reports with the three major credit bureausвЂExperian, Equifax and TransunionвЂif you fail to repay your loan. This negative remark will lower your credit score and may make it impossible for you to obtain short term loans or other forms of credit in the future.

However, once you have repaid your debt to your lender in full, this will be reported to the credit agencies and the negative remark will be removed from your credit history.

Some of the lenders in our network participate in what is known as automatic loan renewal. Simply put, if your loan is beyond a specific amount of time past due, your lender will rollover your loan. This may be offered to you in addition to members heritage personal loan like repaying your loan in full at a later date or repaying your debt in installments over time.

What happens when a personal loan goes into default

Loans up to 20,000. For up to 36 months. The larger the loan, the longer the repayment period available. We take the time to assess your individual financial situation because we don't ever want to lend you more than youre able to comfortably repay. repayment calculator. Minimum loan amount 2,001. Maximum loan amount 20,000.

What happens when a personal loan goes into default